Fort York 1-bed condo at $429,000 with tenant in place, breakeven near 35% down
A tenanted 1-bedroom in a Fort York Boulevard tower steps from the TTC streetcar network, priced at $429,000 with an estimated 4.54% cap rate. Carry approaches breakeven at 35% down and turns positive at 50% down based on comparable rents.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$429,000
Cap rate
+4.54%
Est. monthly rent
$2,480
Source: comparables
CF at 50% down
+$369/mo
first positive
Cash-on-cash
+1.95%
at 50% down
Section · Why this passed our floor
Where the income story is solid
Cap rate
4.54% — at or above our 4.0% cash-flow tier floor.
Breakeven leverage
50% down to clear neutral monthly carry. Below that the property runs negative; above it the carry compounds.
Rent backed by
Estimate sourced from neighborhood comparables.
Every property published on 6Yield clears a multi-stage screen — universal financial floor, per-tier quality gate, and an editorial review on listing evidence. These bullets summarize the specific facts that cleared this property’s tier. Estimates only; not financial advice.
Section · Financial Reality
Five ways to buy. The math, side by side.
Each column shows the actual monthly cash flow and cash-on-cash return at that leverage. Click a column for the full breakdown.
Acquisition
| Down payment | $150,150 |
| Mortgage principal | $278,850 |
| Land transfer tax | $6,435 |
| Closing costs | $6,435 |
| Total acquisition | $163,020 |
Monthly cash flow
| Estimated rent | +$2,480 |
| Operating expenses | -$859 |
| Mortgage payment | -$1,629 |
| Net cash flow | -$7/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $124/mo |
| Maintenance reserve | $358/mo |
| Insurance | $179/mo |
| Property management | $198/mo |
Calculated at 4.99% mortgage over 25 years. Rent estimated from comparable rentals (n=33).
Breakeven
This property turns cash-flow positive at 35.3% down.
Run your own scenario
Move the assumptions. See the math live.
Live result
All figures are estimates only and do not constitute financial advice. The sliders use the same math as the locked five-scenario calculator; only assumptions change. Total acquisition includes the down payment, land transfer tax ($6,435), and closing costs ($6,435).
Section · Investment Thesis
Why this property.
Suited to a cash-flow oriented condo investor who can deploy meaningful equity. The mechanic is straightforward downtown rental yield: list price $429,000, estimated cap rate 4.54%, and an estimated gross yield of 6.94% off $2,480 in projected monthly rent sourced from comparables. With a tenant already in place, the buyer inherits cash flow on close rather than carrying a vacancy through lease-up, which tightens the path from acquisition to stabilized income.
Waterfront Communities sits inside the Fort York and CityPlace cluster, with the 509 Harbourfront and 511 Bathurst streetcars feeding Union Station and Line 1. The building's "Steps To TTC" position plus walking proximity to the 24-hour supermarket, banks, library, community centre, park and the downtown core anchors tenant demand from Financial District, MaRS Discovery District, and University Health Network workers. Rental absorption in this corridor is driven by employment density rather than speculative flips, and the 24-hour concierge and 9-foot ceilings keep the unit competitive against newer Bathurst Quay and Bayside completions.
Recommended entry is 50% down, where estimated monthly cash flow turns positive at $368.65 and cash-on-cash is 1.95%. At 35% down the unit is essentially neutral at an estimated -$7.16 per month. Hold 60+ months to ride downtown rent recovery and amortization; refinance once rates ease to release equity for the next acquisition.
Key features
- 1 bed, 1 bath at $429,000
- 9-foot ceilings and open-concept kitchen with granite countertop
- 24-hour concierge building
- Steps to TTC streetcar network
- Walking distance to 24-hour supermarket, banks, library, community centre and park
- Currently tenanted, income on close
- Laminate flooring replacing broadloom in bedroom
Original MLS description
* 24 Hrs Concierge * 9' Ceiling * Open Concept Kitchen With Granite Countertop, Steps To TTC, Walking Distance To 24 Hrs Supermarket, Banks, Library, Community Centre, Park & Downtown Core, Existing Broadloom In The Bedroom Will Be Replaced With Laminate Flooring, Photos Were Taken Before Current Tenant Moved In. 24 Hours Notice For All Showing Appointments, Lock Box Available For Appointment. Bring RECO License For Appointment. (42896517)
All photos
10 additional · click any to expand
Section · Neighborhood
Where it sits.
Waterfront Communities
Fort York Boulevard runs through the CityPlace and Fort York condo cluster between Bathurst Street and Spadina Avenue, immediately south of the rail corridor and north of the Gardiner Expressway. Tenant demand is driven by walkability to the Financial District, proximity to the 509 and 511 streetcar routes feeding Union Station, and a dense local amenity base including a 24-hour supermarket, library, community centre, and waterfront parks.
The submarket has heavy condo supply but stable rental absorption tied to downtown employment and post-secondary enrollment at George Brown's Waterfront Campus and the University of Toronto. Investor competition is broad, but unit-level differentiation (concierge service, ceiling height, view) supports rent positioning.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated cash flow swings from -$382.96 at 20% down to +$1,621.35 at 100% cash
Negative carry at 20% down (estimated -$382.96 per month) and effectively breakeven at 35% down (-$7.16)
Tenant in place means assumed lease terms and rent level transfer to buyer; verify current rent vs. the $2,480 comparables estimate before closing
Downtown Toronto condo supply pipeline remains elevated, which can cap near-term rent growth
Condo fees and special assessments not disclosed in listing; verify status certificate
Square footage not disclosed; confirm unit size and layout before offer